Securing a Let to Buy mortgage for clients so they could move whilst retaining their existing property
What was the situation?
My clients, a couple, were looking to refinance their current property onto a Buy to Let mortgage, enabling them to purchase a new residential home.
Their proposed BTL property currently owned was a lovely semi-detached house, based in the outskirts of London. Their new residential property was located near Berkshire. The clients were looking borrow £460,000 for their BTL mortgage, and £425,000 for their new residential.
What was the issue?
One of the applicants was a contractor with a significant break in work due to illness, and was also studying at university, in addition to their day job. This issue may cause lenders to question the clients affordability. Also, the number of lenders that will lend on a let to buy scenario such as this is limited.
What was the process?
It was important for me to approach a lender I knew had good contractor policy. I spoke to our Business Development Manager (BDM) who helped to push through the Decision in Principle on the proposed application to allow the clients to proceed.
By speaking with the BDM in depth about the client’s situation and how the income is secure and can be relied upon, the lender was willing to consider the application. Additionally, the clients had previously spoken with three other mortgage brokers who all told them no lender could assist for their scenario, therefore I felt more determined to find a viable solution that would tick all the boxes for the clients as they were desperate to make the move.
What was the solution?
Working with the lender, I managed to secure the BTL remortgage, and a good loan to value for the onward purchase at competitive rates.
The end result was that the clients could retain their current property – switching to a BTL mortgage – which was the aim, and move to their desired location. The clients were delighted and have already contacted me to ask about further property investments.
At LDN Finance we’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience in providing creative solutions to secure large loans for our clients.
We work closely with our trusted network of private banks and both high street and specialist lenders to arrange bespoke mortgage arrangements to suit your circumstances at competitive, market-leading rates.
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My fiancée and I were recommended to LDN Finance when we started our mortgage journey, and the service we have received, and continue to receive, has been outstanding throughout. Phil Levesley initially looked after us and made what can be a very daunting process feel straightforward and easy to understand. He took the time to explain everything clearly, never rushed us, and was always happy to answer any questions we had. Nothing ever felt like too much trouble. As part of the process, we also wanted to explore a number of protection policies, and Phil introduced us to his colleague,
As a returning customer, I would like to express my sincere thanks to the team for their outstanding support during the completion of my property purchase. In particular, Catherine and Darren have been incredibly helpful throughout the process. Their communication, professionalism, and customer service have been absolutely excellent, making the entire experience smooth and reassuring. Many thanks again for all your hard work.
Owen was absolutely amazing and supported me every step of the way throughout the mortgage process. He was always clear, patient, and incredibly reassuring, making what could have been a stressful experience feel smooth and manageable. Bharathy was also really helpful, promptly getting in touch and making sure all the relevant information was handled efficiently. I couldn’t be happier with the service and would highly recommend them both. Five stars without hesitation.
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